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Crypto Technicals: XRP/USD capped at daily cloud, break below 55-EMA negates near-term bullishness
XRP/USD chart - Trading View
Exchange - Kraken
Technical Analysis: Bias neutral
GMMA Indicator: Major Trend - Neutral; Minor Trend - Neutral
Overbought/ Oversold Index: Neutral
Support: 0.2173 (55-EMA); Resistance: 0.2444 (cloud top)
XRP/USD was trading 3.39% lower on the day at 0.2257 at around 07:35 GMT, bias is neutral.
The pair was rejected at daily cloud top (0.2444), break above required for upside continuation.
Price action is on track to form a potential 'Shooting Star' pattern, which if completed will add to the downside pressure.
110-EMA also offers stiff resistance at 0.2369. Break below 55-EMA support at 0.2172 negates any upside bias.
Breakout at cloud eyes 23.6% Fib at 0.2529. Further bullish momentum can take the pair higher to test 200-DMA at 0.2678.